Home Equity Loans

What is a Home Equity Loan?

A home equity loan is a fixed amount of money you receive upfront that uses your home as collateral. Your loan is at a fixed rate, with a set number of equal monthly payments.

What can I do with a Home Equity Loan?

A home equity loan can be used for a range of financial needs, including one-time expenses. You can use your home equity loan for:

  • Home repair and maintenance
  • Home remodels and renovation
  • Education expenses
  • Consolidating debt
  • Refinancing your mortgage

Learn the Features and Benefits of our Home Loans

  • Competitive fixed interest rates
  • Flexible terms
  • Potential tax advantages*
  • Fixed monthly payments of principal and interest
  • The opportunity to borrow up to 89.9% of the equity in your home (this can be determined by taking the market value of your home minus the outstanding mortgage balance)
  • Available loan amounts from $10,000 to $500,000 (will vary depending on your available equity)
  • The potential to earn a .25% interest rate reduction with automatic payment from a FirstMerit deposit account
  • No application or third-party closing costs

Requirements of our Home Equity Loans

To apply for an equity loan, you must:

  • Be 18 years of age or older
  • Reside in OH, MI, WI, western PA, or the Chicago, IL, area
  • Have legal ownership rights to a 1-4 family owner-occupied home or condominium

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Subject to credit approval.  Property insurance is required.  Flood insurance may be required.

*Check with your tax advisor regarding the deductibility of interest.